Stronger Recovery than expected in the hotel industry

November 16, 2010 at 4:12 pm Leave a comment

The World Travel & Tourism Council’s (WTTC) revised forecasts, global growth and world trade are set to beat expectations in 2010. The economic recovery has determined a faster rebound in international travel, particularly in Asian markets.

This rebound translates into real GDP growth of over 2%, which helped create over 900,000 jobs worldwide. The Travel & Tourism market share of total GDP and investment will increase by one percentage point this year, compared to WTTC’s initial forecast in January. However, the Travel & Tourism sector is expected to recover at a slower pace in 2011, as “Western consumers continue to pay down debt and many developed economies move to tighten fiscal policy”.

Asia is situated well in the forecasts for world travel and tourism. Thus, Asia is still set to see growth of 4.2%. Of course, China will remain the main engine of global growth, followed by significant growth from the tourism and travel sectors of India and China.

Asia has really risen from the ashes of the global economic crisis and it’s emerging as soon to be the most important market in the world. As for Europe, This region will only manage a 1.4% growth this year (down 0.2%). Looking at some key countries in this region, the United Kingdom’s Travel & Tourism Economy GDP will contract further this year, before growth starts to accelerate from 2011, with the 2012 Olympics set to boost activity. France and Spain will suffer further contraction in 2010 with no real growth until 2012 and Germany’s strong visitor arrival growth will unfortunately be offset by weak outlook for investment.

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Entry filed under: Hotels. Tags: , , , , .

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